§ 16-7-44.2 Repayment of school housingaid. – (a) If an audit or subsequent review by the commissioner of elementary andsecondary education determines that a community was overpaid school housingaid, the community shall repay the determined amount over a number of yearsthat is calculated by dividing the total amount of the overpayment by the totalamount of revenues reported by the school district for the most recentlycompleted fiscal year.
(b) If the percentage derived from section (a) above isone-half percent (0.5%) or less, the community shall repay the entire amount ofthe overpayment in the same fiscal year in which the overpayment is determined.
(c) If the percentage derived from section (a) above isgreater than one-half percent (0.5%), the community shall repay the amount ofthe overpayment over a number of years that equals the percentage derived fromsection (a) divided by one-half percent (0.5%).
(d) Repayments of more than one year shall be made in equalinstallments over the term derived from section (c) above. The department ofelementary and secondary education will submit an invoice to the community onJuly 1st.
(e) If the department of elementary and secondary educationhas not received the required amount by June 30 of the applicable fiscal year,education aid for the community calculated pursuant to § 16-7.1-15 shallbe reduced by the amount due.
(f) If the entire overpayment is not received in full in thefirst year, interest will be applied annually at a rate equal to the consumerprice index.
§ 16-7-44.2 Repayment of school housingaid. – (a) If an audit or subsequent review by the commissioner of elementary andsecondary education determines that a community was overpaid school housingaid, the community shall repay the determined amount over a number of yearsthat is calculated by dividing the total amount of the overpayment by the totalamount of revenues reported by the school district for the most recentlycompleted fiscal year.
(b) If the percentage derived from section (a) above isone-half percent (0.5%) or less, the community shall repay the entire amount ofthe overpayment in the same fiscal year in which the overpayment is determined.
(c) If the percentage derived from section (a) above isgreater than one-half percent (0.5%), the community shall repay the amount ofthe overpayment over a number of years that equals the percentage derived fromsection (a) divided by one-half percent (0.5%).
(d) Repayments of more than one year shall be made in equalinstallments over the term derived from section (c) above. The department ofelementary and secondary education will submit an invoice to the community onJuly 1st.
(e) If the department of elementary and secondary educationhas not received the required amount by June 30 of the applicable fiscal year,education aid for the community calculated pursuant to § 16-7.1-15 shallbe reduced by the amount due.
(f) If the entire overpayment is not received in full in thefirst year, interest will be applied annually at a rate equal to the consumerprice index.
§ 16-7-44.2 Repayment of school housingaid. – (a) If an audit or subsequent review by the commissioner of elementary andsecondary education determines that a community was overpaid school housingaid, the community shall repay the determined amount over a number of yearsthat is calculated by dividing the total amount of the overpayment by the totalamount of revenues reported by the school district for the most recentlycompleted fiscal year.
(b) If the percentage derived from section (a) above isone-half percent (0.5%) or less, the community shall repay the entire amount ofthe overpayment in the same fiscal year in which the overpayment is determined.
(c) If the percentage derived from section (a) above isgreater than one-half percent (0.5%), the community shall repay the amount ofthe overpayment over a number of years that equals the percentage derived fromsection (a) divided by one-half percent (0.5%).
(d) Repayments of more than one year shall be made in equalinstallments over the term derived from section (c) above. The department ofelementary and secondary education will submit an invoice to the community onJuly 1st.
(e) If the department of elementary and secondary educationhas not received the required amount by June 30 of the applicable fiscal year,education aid for the community calculated pursuant to § 16-7.1-15 shallbe reduced by the amount due.
(f) If the entire overpayment is not received in full in thefirst year, interest will be applied annually at a rate equal to the consumerprice index.
